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A total of sixteen (16) certificates of occupancy within twenty-eight (28) months <br />after Closing; <br />A total of twenty-four (24) certificates of occupancy within forty (40) months after <br />Closing; <br />A total of thirty-two (32) certificates of occupancy within fifty-two (52) months of <br />Closing; <br />A total of forty (40) certificates of occupancy within sixty-four (64) months of <br />Closing. <br />Once a certificate of occupancy is issued for a lot comprising part of the Property, the Right <br />of Re -Entry shall automatically be released by the Seller as to such lot. Each total certificate <br />requirement outlined above shall include all certificates of occupancy received during the <br />current deadline period and all prior deadline periods. For instance, if sixteen (16) <br />certificates of occupancy are received within sixteen (16) months after Closing, Buyer shall <br />have no requirement to obtain any additional certificates of occupancy within twenty-eight <br />(28) months after Closing. <br />3. Seller may impose a separate penalty of $20,000.00 against the Property if the certificate of <br />occupancy is not obtained, for each of the 40 single family homes, pursuant to the deadline <br />set forth above. The penalty is due upon written notice to Buyer from Seller of the failure to <br />satisfy a contingency. In the event the penalty is not paid within 30 days of receipt of the <br />notice, Seller may, but is not required to, certify the penalty to Anoka County as an <br />assessment against the Property. Buyer waives any and all rights under Minnesota Statutes, <br />chapter 429, and any other applicable law, including any right to notice of hearing and <br />hearing, the right to object, and the right to appeal the assessment. Buyer further waives any <br />requirements of the City Charter that may apply to said assessment. <br />4. As an alternative to imposition of a financial penalty and not in addition thereto, Seller may <br />re-enter and take physical possession of the Property. Title to the Property shall be restored <br />in Seller, and Buyer shall execute whatever documents and undertake whatever steps are <br />necessary to establish and confirm Seller's fee simple interest in the Property free of any <br />claims or encumbrances, including mechanic's liens. <br />The Seller agrees to waive the right to re-enter and take physical possession of the Property <br />upon satisfactory completion and inspection by the Seller of the Stage I Improvements as <br />follows: <br />a. Trunk and lateral sanitary sewer. <br />b. Trunk and lateral water main. <br />C. Storm drainage facilities (when specified). <br />d. Stormwater maintenance through 90 percent buildout. <br />C. Streets (excluding the final bituminous lift) <br />f. Concrete curb and gutter (urban). <br />9- Street traffic control signals. <br />h. Lot grading. <br />i. Trail development. <br />i. Sidewalks. <br />Page 5 of 8 <br />